Overcoming the Copenhagen Failure

by Joseph E. Stiglitz

Pretty speeches can take you only so far. A month after the Copenhagen climate conference, it is clear that the world’s leaders were unable to translate rhetoric about global warming into action.

It was, of course, nice that world leaders could agree that it would be bad to risk the devastation that could be wrought by an increase in global temperatures of more than two degrees Celsius. At least they paid some attention to the mounting scientific evidence. And certain principles set out in the 1992 Rio Framework Convention, including “common but differentiated responsibilities and respective capabilities,” were affirmed. So, too, was the developed countries’ agreement to “provide adequate, predictable and sustainable financial resources, technology, and capacity-building” to developing countries.